Building And Business For Sale!
Van Wagenen Finance
953 South State Street - Orem, Utah 84097-7027
801-226-4488
More pictures and current price information at www.utahrealestate.com/1026357
Agent: Matthew Flinders 801-636-3709 matthew@utahrealestate.net or Drew Armstrong 801-636-3739 drew@utahrealestate.net
Building currently houses Van Wagenen Finance, a gun, music equipment, pawn, tools etc. store. The property was formerly a strip mall with three additional store fronts that are now behind an enforced brick wall that was added on. There is also a garage and an approximately 1519 square foot 1 bedroom, 1 bathroom apartment with a full kitchen and huge living room where the owner currently lives.
For county square footage measurements, visit:
http://www.utahcountyonline.org/dept/assess/ApexSketches/180460044_01-1.JPG
http://www.utahcountyonline.org/dept/assess/ApexSketches/180460044_01-2.JPG
The main store is probably about 3895 square feet with a 1566 square foot mezzanine with offices and retail space overlooking it. The county measurements show first floor square footage of 9895.3 square feet. There is a basement with tall ceilings about 14 feet tall. We don't have exact measurements, but estimate the space to be over 2065 square feet.
Financing information:
The owner is open to carrying a note on the property for approximately 200K. No interest rate or terms have been offered, you may offer what will work for you. SBA financing is available for an owner who will occupy at least 51% of the space. SBA generally requires 10% down for a 20 year fixed mortgage. On 4.21.11 interest rates were about 5.9% for the 40% that SBA would finance. A local bank would likely finance 50% and rates on 4.21.11 were between 6% and 7%.
If the owner carried 20%, then it is possible that SBA would finance 37.5% and a local bank the other 37.5% meaning the buyer would have to bring approx 5% to buy the building/business. SBA generally can be done with the financing in less than 90 days.
Business has approx 75k in receivables at 10%/month that may be sold along with the business giving the new owner the likely possibility of being able to cover the majority or all of their monthly payment if the new owner can maintain the pawn receivable portion of the business.
Taxes in 2010 were $9907 http://www.utahcountyonline.org/LandRecords/Property.asp?av_serial=180460044005
A parcel map of the property is located at http://maps.co.utah.ut.us:8080/ParcelMap/ParcelMap.jsp?serial=180460044 119.27 ft of State Street Frontage and the north side is 272.79 feet deep and the south side is 236 feet.
A great feature about this property is the non-existent setback. Nowdays the city is going to want probably 20-30 foot setback, but this building is RIGHT on State Street. Nicholas at UDOT 801-965-4325 told us that in 2009 there were 44,460 annual average daily trips. That number is about half of I-15.
Parking Spaces: Currently 29 spaces. 45 approved spaces.
Built in 1981
Approx .66 Acres
C-2 Zone http://exe.orem.org/citycode/Chap_22.pdf (scroll down to page 49)
120/240 V 3 Phase power.
Inclusions: Seller will look at selling the approx 75k in pawn loans. All items in the building are negotiable and may be included. All fixtures, furniture, good will, name, and phone number.
Notifications: If you would like to be notified of any changes in the offering of the building, please e-mail matthew@utahrealestate.net
All of this information is deemed reliable, but is not guaranteed.
